The Kansas Revised Limited Liability Company Act

The Limited Liability Company (LLC) form of business organization has become a popular alternative to incorporation because it offers participants limited liability for business obligations; flexibility with regard to ownership and management structure; and classification as a partnership for tax purposes, with resultant conduit treatment of items of income, gain, loss, deduction, or credit. Kansas was the fourth state in the nation to adopt legislation authorizing LLCs when it enacted the Kansas Limited Liability Company Act (KLLCA) in 1990. In 1999, Kansas replaced the KLLCA with completely new legislation, the Kansas Revised Limited Liability Company Act (KRLLCA), effective January 1, 2000. This article explores the new legislation